any device for controlling the flow of liquid from a pipe or the like by opening or closing an orifice; tap; cock.

1350–1400; Middle English < Middle French fausset peg for a vent, perhaps equivalent to fauss(er) to force in, damage, warp, literally, to falsify (< Late Latin falsāre; see false) + -et -et

Spigot is a common variant for faucet and is widely used in the Midland U.S. Elsewhere, faucet is more commonly used, especially in the Northern U.S.
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World English Dictionary
faucet (ˈfɔːsɪt)
1.  a tap fitted to a barrel
2.  (US), (Canadian) Also called (in Britain and certain other countries): tap a valve by which a fluid flow from a pipe can be controlled by opening and closing an orifice
[C14: from Old French fausset, from Provençal falset, from falsar to bore]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

c.1400, from O.Fr. fausset "stopper," perhaps dim. of L. faux, fauc- "throat." Spigot and faucet was the name of an old type of tap for a barrel or cask, consisting of a hollow, tapering tube, which was driven at the narrow end into a barrel, and a screw into the tube which regulated the flow of the
liquid. Properly, it seems, the spigot was the tube, the faucet the screw, but the senses have merged or reversed over time. Faucet is now the common word in Amer.Eng. for the whole apparatus.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
There are four basic faucet designs: compression, ball-type, cartridge and disk.
And with a few notable exceptions, watching painters at work is about as
  exciting as watching water drip from a faucet.
It is far easier to allow big utilities and the water company and turn a faucet.
Anyone who has tried to replace a punctured tire or fix a leaky faucet knows
  the importance of having the right tool for the job.
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